ST帽子还没摘，苏宁开始反攻线下了

Core Viewpoint - Suning is attempting to revitalize its offline business through aggressive expansion of large stores, despite facing significant challenges and a history of financial difficulties [1][10]. Group 1: Offline Expansion Strategy - Suning has opened several large stores, including the Suning Max and Suning Pro formats, with individual store areas exceeding 40,000 square meters [3][9]. - As of June 2024, Suning has established 10 Suning Max stores and over 100 Suning Pro stores nationwide, indicating a strong commitment to its offline strategy [3][8]. - The company aims to enhance the quality of its offline stores while integrating online and offline sales channels to attract high-end customers [3][8]. Group 2: Financial Performance and Goals - After years of losses, Suning reported a net profit of 610 million yuan for 2024, marking its first annual profit since 2020 [8]. - The company has set a target to achieve comprehensive profitability by 2025, focusing on operational improvements and store innovations [2][8]. - In the first quarter of 2024, Suning's overall store sales revenue increased by 19.3% year-on-year, with comparable store sales rising by 23.3% [8]. Group 3: Impact of National Subsidies - National subsidy policies, such as trade-in programs, have provided Suning with opportunities to boost sales of high-end appliances, with orders for trade-in services increasing by 81% year-on-year [11][12]. - The demand for high-end appliances has shifted from single products to bundled solutions, enhancing the value of offline retail [11][12]. - Suning's stock price has shown recovery, reaching 2.38 yuan per share during peak sales periods influenced by national subsidies [11]. Group 4: Challenges and Market Competition - Suning faces ongoing challenges in managing cash flow and long-term store operations, particularly as national subsidy policies undergo adjustments [13][14]. - The company has closed 110 stores while opening 25 new ones in the first quarter of 2025, indicating a strategic realignment of its store network [14]. - Increased competition from rivals like JD.com, which is rapidly expanding its own store formats, poses additional challenges for Suning in the offline market [14].